June 2026 Quarterly activity report & Appendix 4C
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Released
Announcement PDF
Actinogen Medical Limited ACN 086 778 476
Suite 901, Level 9, 109 Pitt Street, Sydney NSW 2000
+61 2 8964 7401 | actinogen.com.au
1
ASX ANNOUNCEMENT
Actinogen June 2026 quarterly activity report and Appendix 4C
Sydney, 30 July 2026. Actinogen Medical ASX: ACW (“ACW” or “the Company”) is pleased to announce
the release of its quarterly activity report and Appendix 4C for the three-month period ended 30 June 2026.
Highlights:
• Pivotal Alzheimer’s disease trial remains on track for topline final results in November this year with third
positive independent Data Monitoring Committee (DMC) recommendation
• Strong ongoing enrolment in open-label extension (OLE) phase of the trial with 88% of main trial
participants choosing to immediately continue in the OLE where they receive active Xanamem® therapy
• Positive scientific advice received from the European Medicines Agency generally aligned with prior US
FDA advice
• Peer-reviewed depression trial manuscript detailing positive anti-depressant activity published in British
Journal of Psychiatry
• The first national acceptances received for new patents covering Xanamem treatment of cognitive decline
in healthy elderly persons and key manufacturing steps
• June-end cash balance of $16.7m provides cash runway beyond XanaMIA trial final results to mid-2027.
Pivotal XanaMIA phase 2b/3 Alzheimer’s disease (AD) trial remains on track for topline results in
November
• The Company's pivotal XanaMIA phase 2b/3 Alzheimer's disease trial continued to progress during the
quarter, with treatment and follow-up activities proceeding as planned across participating clinical sites.
The trial remains fully enrolled and on track to deliver topline results in November this year
• In June, the Company's independent DMC completed another formal review of accumulating trial safety
data from all 247 participants and recommended that the trial continue without amendment. This marks
the third positive DMC recommendation received during the XanaMIA trial and provides further support for
the ongoing conduct of the trial
• Preparations are underway for follow-on regulatory interactions and development activities that will allow
the Company to move confidently into the final pivotal trial of Xanamem in AD if XanaMIA topline results
are positive in November.
XanaMIA AD trial open‑label extension advances
• Enrolment in the OLE phase of the XanaMIA Alzheimer's disease trial advanced substantially during the
quarter after commencement on 31 March 2026. There are now 81 patients on treatment, with an 88%
rollover rate for participants completing the main trial and commencing the OLE
• The OLE enables all current and former participants, who have completed the randomized phase of the
pivotal XanaMIA AD trial, the opportunity to receive active Xanamem 10 mg once daily for up to 25 months,
with no placebo control group
• This long-term extension is designed to provide access to active Xanamem therapy for all randomized trial
participants and gather extended safety data and observational information on key efficacy endpoints —
®
Xanamem is a registered trademark of Actinogen Medical Limited
Actinogen Medical Limited ACN 086 778 476
Suite 901, Level 9, 109 Pitt Street, Sydney NSW 2000
+61 2 8964 7401 | actinogen.com.au
2
including CDR-SB,1 cognition, and activities of daily living. Trial data will provide a valuable contribution to
future regulatory marketing applications.
Positive scientific advice received from the European Medicines Agency (EMA)
• In late May, the Company announced a successful outcome from its scheduled scientific advice interaction
with the EMA, establishing a common understanding regarding the pathway to marketing approval of
Xanamem in Alzheimer's disease within the European Union
• Key understandings included:
o Agreement on the suitability of regulatory starting materials for commercial manufacturing of
Xanamem drug substance
o The design of one additional pivotal (phase 3) trial following a positive XanaMIA outcome
o The proposed safety database requirements expected to support a future marketing authorisation
application
o A limited number of ancillary clinical pharmacology and non-clinical studies to be conducted in
parallel with future development activities.
• The common understandings reached on numerous matters with the FDA’s Neurology-I Division in 2025
and now the EMA, mark significant milestones for the Company as it prepares for the earliest possible
global marketing submissions and approvals
• For planning purposes, the Company continues to assume it will need to conduct a second pivotal trial as
described above. Pending pivotal trial results in November, Actinogen will explore the opportunity to seek
regulatory approvals based on one pivotal trial instead of two
• The regulatory agreements and feedback received from the FDA and EMA also support commercial and
partnering discussions by providing external validation of Xanamem’s late-stage development pathway
and the feasibility of an efficient route to marketing approvals in key jurisdictions.
Peer-reviewed manuscript showing Xanamem anti-depressant activity published in the British Journal
of Psychiatry
• On 20 July, the Company announced that results from its phase 2 proof-of-concept trial of
Xanamem (emestedastat) in patients with major depressive disorder (MDD) and cognitive impairment (CI)
had been published in the British Journal of Psychiatry, a leading international peer-reviewed journal
• The publication reports encouraging evidence of anti-depressant activity with Xanamem in a difficult-to-
treat population and supports further clinical development as a novel therapy for MDD
• In the trial, Xanamem demonstrated a clinically, and at times statistically, significant improvement in
depression scores versus placebo, with the greatest effect observed at the end of the blinded follow-up
period,2 with the strongest response in patients receiving background standard-of-care antidepressant
treatment. No treatment benefit was observed on cognitive measures, potentially reflecting a higher-than-
expected placebo response and the marked improvement seen in both groups
• Xanamem was safe and well tolerated, consistent with safety data from multiple other trials.
Commercial planning and partnering activities
• The Company continued to advance its commercial and partnering readiness as the Xanamem program
progresses toward potentially transformational pivotal trial results in November. Activities this quarter
included continued engagement with Alzheimer’s disease key opinion leaders at conferences and via
direct communications, with an emphasis on educating them on the strong scientific rationale for
Xanamem’s cortisol control mechanism of action and the high quality of previous clinical trial data
• Interest from potential commercialization partners with global and/or regional marketing reach continues
to grow as pivotal trial results approach. Discussions remain focussed on ensuring potential partners are
1
CDR-SB is the Clinical Dementia Rating Scale – Sum of Boxes
2
The delayed onset of effect is consistent with the known biology of cortisol modulation
Actinogen Medical Limited ACN 086 778 476
Suite 901, Level 9, 109 Pitt Street, Sydney NSW 2000
+61 2 8964 7401 | actinogen.com.au
3
well-positioned to rapidly evaluate the opportunity prior to and immediately after XanaMIA results become
available.
Intellectual property protection from future generic competition
• The Company continued to prosecute a variety of new patents in the quarter covering use of Xanamem in
treating cognitively normal people and patients with depression, manufacturing methods, tablet formulation
and patient selection methods
• The first national acceptances were received for new patents covering Xanamem treatment of cognitive
decline in healthy elderly persons (Australia, Russia) and Xanamem manufacturing processes (China,
Chile, Russia)
• Additionally, the Chinese government announced enactment of a new six-year “data exclusivity” provision
which means that Xanamem, as a novel and innovative drug in China, would be potentially protected from
generic competitors for a period of at least six years from marketing approval by this mechanism.
Presented at international and Australian conferences
• In mid-July, CEO, Dr Steven Gourlay, was joined in London by Chief Medical Officer, Dr Dana Hilt, Chief
Commercial officer Andy Udell, and Senior Clinical Scientist Dr Jack Taylor at the Alzheimer’s Association
International Conference (AAIC). They presented an academic poster highlighting screening efficiency and
baseline population characteristics from the fully enrolled XanaMIA phase 2b/3 trial of Xanamem in
patients with mild to moderate AD. While at the conference, the team also participated in industry, analyst
and investor meetings. Industry engagement was active and constructive, with interest from a broad
spectrum of parties
• In June, the Company presented a similar academic poster at the Australian Dementia Network’s
Australian Dementia Research Forum (ADRF) in Sydney. The team held a number of meetings with key
Australian and international thought leaders in Alzheimer’s disease during the forum.
Finances – June cash position provides cash runway to mid-2027
• The company ended the June quarter with $16.7 million of cash on hand, providing cash runway until mid-
2027, well beyond the release of topline final XanaMIA trial results in November 2026. Further cash
receipts are expected from the R&D tax rebate later in 2026 (net of R&D loan repayments) and potential
exercise of options
• Operating expenditure of $5.0 million was incurred during the June quarter, with the majority of spend
associated with the XanaMIA clinical trial and associated with the robust participation in the OLE phase of
the trial
• Consistent with ASX Listing Rule 4.7c.3, item 6 of the attached Appendix 4C of the cashflow report for the
quarter included payments to Related Parties of $0.2 million, comprising the salary for the CEO/Managing
Director, fees paid to Non-Executive Directors, and superannuation.
Actinogen CEO and MD, Dr Steven Gourlay said:
“The June quarter was a busy period for the Company with a number of important achievements.
“We are particularly proud of the positive anti-depressant activity detailed in the recent British Journal of
Psychiatry publication as this strongly validates the clinical activity in the brain of the Xanamem 10 mg dose.
Anti-depressant activity would be a welcome feature of a new Alzheimer’s treatment and major depressive
disorder itself is a potential development program for Xanamem.
“In addition, we saw continued success across clinical, regulatory and commercial planning areas as we
advance towards pivotal XanaMIA Alzheimer’s disease topline results in November.”
View this announcement on our InvestorHub: https://investors.actinogen.com.au/link/rvnjYr
Actinogen Medical Limited ACN 086 778 476
Suite 901, Level 9, 109 Pitt Street, Sydney NSW 2000
+61 2 8964 7401 | actinogen.com.au
4
ENDS
Investors Media
Dr Steven Gourlay Michael Roberts George Hazim
CEO & Managing Director Investor Relations Media & Public Affairs Australia
P: +61 2 8964 7401 M: +61 423 866 231 M: +61 417 516 262
E. steven.gourlay@actinogen.com.au E. michael.roberts@actinogen.com.au E: georgehazim@mediaaffairs.com.au
Announcement authorised by the Board of Actinogen Medical Limited
About Actinogen Medical
Actinogen Medical (ACW) is an ASX-listed, biotechnology company developing a novel therapy for neurological and
neuropsychiatric diseases associated with dysregulated brain cortisol. There is a strong association between cortisol and
detrimental changes in the brain, affecting cognitive function, harm to brain cells and long-term cognitive health.
Cognitive function means how a person understands, remembers and thinks clearly. Cognitive functions include memory,
attention, reasoning, awareness and decision-making.
Actinogen is currently developing its lead compound, Xanamem, as a promising new therapy for Alzheimer’s Disease. It
has also conducted a phase 2 trial in patients with cognitive impairment and depression and may study Fragile X Syndrome
and other neurological and psychiatric diseases in the future. Reducing cortisol inside brain cells could have a positive
impact in these and many other diseases. The cognitive dysfunction, behavioural abnormalities, and neuropsychological
burden associated with these conditions is debilitating for patients, and there is a substantial unmet medical need for new
and improved treatments.
Clinical Trials
The XanaMIA Phase 2b/3 Alzheimer’s disease trial is a double-blind, 36-week treatment, placebo-controlled, parallel
group design trial in 247 patients with mild to moderate AD and progressive disease, determined by clinical criteria and
confirmed by an elevated level of the pTau181 protein biomarker in blood. Patients receive Xanamem 10 mg or placebo,
once daily, and its ability to slow progression of Alzheimer’s disease is assessed with a variety of endpoints. The primary
endpoint of the trial is the internationally-recognized CDR-SB (Clinical Dementia Rating scale – Sum of Boxes). The trial
is being conducted in Australia and the US and is now closed to participant recruitment. It has passed an independent
Data Monitoring Committee safety and efficacy futility review and final topline results are expected in November 2026.
The XanaMIA-OLE Alzheimer’s disease open-label extension is an open-label phase of up to 25 months treatment
where all participants will receive active Xanamem 10 mg once daily. The trial evaluates safety and a limited number of
efficacy endpoints such as the CDR-SB. The trial commenced in March 2026 and is open to all former and current
participants in the XanaMIA Phase 2b/3 trial.
The XanaCIDD Phase 2a depression trial (Taylor et. al. 2026) was a double-blind, six-week proof-of-concept, placebo-
controlled, parallel group design trial in 167 patients with moderate, treatment-resistant depression and a degree of
baseline cognitive impairment. Participants were evenly randomized to receive Xanamem 10 mg once daily or placebo, in
most cases in addition to their existing antidepressant therapy, and effects on cognition and depression were assessed.
Trial results were reported in August 2024 and showed clinically and statistically significant benefits on depression
symptoms with positive effects on the MADRS scale (a validated scale of depression symptom measurement) and the
PGI-S (a valid patient reported assessment of depression severity). Cognition improved markedly and to a similar extent
in both Xanamem and placebo groups.
About Xanamem (emestedastat)
Xanamem’s novel mechanism is to control elevated levels of cortisol (aka the “stress hormone”) in the brain through the
inhibition of the cortisol synthesis enzyme, 11β-HSD1, without affecting production of cortisol by the adrenal glands which
is essential for the body’s normal functioning. Xanamem is a first-in-class, once-a-day pill designed to deliver high levels
of cortisol control in key areas of the brain related to Alzheimer’s and other diseases such as the hippocampus and frontal
cortex. To view Xanamem’s two-minute Mechanism of Action animation, click here.
Actinogen Medical Limited ACN 086 778 476
Suite 901, Level 9, 109 Pitt Street, Sydney NSW 2000
+61 2 8964 7401 | actinogen.com.au
5
Chronically elevated cortisol is associated with progression in Alzheimer’s Disease and excess cortisol is known to be
toxic to brain cells. Cortisol itself is also associated with depressive symptoms and when targeted via other mechanisms
has shown some promise in prior clinical trials. The recent XanaCIDD trial demonstrated clinically and sometimes
statistically significant benefits on depressive symptoms, further validating the cortisol control mechanism for the
Xanamem 10 mg oral daily dose.
The Company has studied 11β-HSD1 inhibition by Xanamem in more than 500 volunteers and patients in eight clinical
trials. Xanamem has a promising safety profile and has demonstrated clinical activity in patients with depression, patients
with biomarker-positive Alzheimer’s disease and cognitively normal volunteers. High levels of target engagement in the
brain with doses as low as 5 mg daily have been demonstrated in a human PET imaging study.
Xanamem is an investigational product and is not approved for use outside of a clinical trial by the FDA or by any global
regulatory authority. Xanamem® is a trademark of Actinogen Medical.
Disclaimer
This announcement and attachments may contain certain "forward-looking statements" that are not historical facts; are
based on subjective estimates, assumptions and qualifications; and relate to circumstances and events that have not taken
place and may not take place. Such forward looking statements should be considered “at-risk statements” - not to be relied
upon as they are subject to known and unknown risks, uncertainties and other factors (such as significant business,
economic and competitive uncertainties / contingencies and regulatory and clinical development risks, future outcomes
and uncertainties) that may lead to actual results being materially different from any forward looking statement or the
performance expressed or implied by such forward looking statements. You are cautioned not to place undue reliance on
these forward-looking statements that speak only as of the date hereof. Actinogen Medical does not undertake any
obligation to revise such statements to reflect events or any change in circumstances arising after the date hereof, or to
reflect the occurrence of or non-occurrence of any future events. Past performance is not a reliable indicator of future
performance. Actinogen Medical does not make any guarantee, representation or warranty as to the likelihood of
achievement or reasonableness of any forward-looking statements and there can be no assurance or guarantee that any
forward-looking statements will be realised.
ACTINOGEN MEDICAL ENCOURAGES ALL CURRENT INVESTORS TO GO PAPERLESS BY REGISTERING THEIR DETAILS
WITH THE DESIGNATED REGISTRY SERVICE PROVIDER, AUTOMIC GROUP.
Rule 4.7B
ASX Listing Rules Appendix 4C (17/07/20) Page 1
+ See chapter 19 of the ASX Listing Rules for defined terms.
Appendix 4C
Quarterly cash flow report for entities
subject to Listing Rule 4.7B
Name of entity
ACTINOGEN MEDICAL LIMITED
ABN Quarter ended (“current quarter”)
14 086 778 476 30 June 2026
Current
quarter
$A’000
Year to date
(12 months)
$A'000
1 Cash flows from operating activities
1.1 Receipts from customers - -
1.2 Payments for -
(a) research and development (3,727) (19,316)
(b) product manufacturing and operating costs -
(c) advertising and marketing -
(d) leased assets -
(e) staff costs (1,077) (4,712)
(f) administration and corporate costs (469) (1,993)
1.3 Dividends received (see note 3) -
1.4 Interest received 163 500
1.5 Interest and other costs of finance paid (7) (179)
1.6 Income taxes paid -
1.7 Government grants and tax incentives - 7,346
1.8 Other (working capital movements) 133 560
1.9 Net cash from / (used in) operating activities (4,984) (17,794)
2 Cash flows from investing activities
2.1 Payments to acquire or for:
(a) entities - -
(b) businesses - -
(c) property, plant and equipment - (3)
(d) investments - -
(e) intellectual property - -
(f) other non-current assets - -
2.2 Proceeds from disposal of: -
(a) entities - -
(b) businesses - -
(c) property, plant and equipment - -
(d) investments - -
(e) intellectual property - -
(f) other non-current assets - -
2.3 Cash flows from loans to other entities - -
2.4 Dividends received (see note 3) - -
2.5 Other (provide details if material) - -
2.6 Net cash from / (used in) investing activities - (3)
Consolidated statement of cash flows
Appendix 4C
Quarterly cash flow report for entities subject to Listing Rule 4.7B
ASX Listing Rules Appendix 4C (17/07/20) Page 2
+ See chapter 19 of the ASX Listing Rules for defined terms.
3 Cash flows from financing activities
3.1
Proceeds from issues of equity securities (excluding convertible
debt securities)
- 16,772
3.2 Proceeds from issue of convertible debt securities - -
3.3 Proceeds from exercise of options 246 778
3.4
Transaction costs related to issues of equity securities or
convertible debt securities
(37) (851)
3.5 Proceeds from borrowings - 4,320
3.6 Repayment of borrowings - (3,000)
3.7 Transaction costs related to loans and borrowings - -
3.8 Dividends paid - -
3.9 Other (application for exercise of options not yet allotted) -
3.10 Net cash from / (used in) financing activities 209 18,019
4 Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 21,501 16,504
4.2 Net cash from / (used in) operating activities (item 1.9 above) (4,984) (17,626)
4.3 Net cash from / (used in) investing activities (item 2.6 above) - 5,487
4.4 Net cash from / (used in) financing activities (item 3.10 above) 209 (2,609)
4.5 Effect of movement/adjustment in exchange rates on cash held - -
4.6 Cash and cash equivalents at end of period 16,726 1,756
5 Reconciliation of cash and cash equivalents
at the end of the quarter (as shown in the consolidated
statement of cash flows) to the related items in the accounts
5.1 Bank balances 2,726 7,501
5.2 Call deposits 14,000 14,000
5.3 Bank overdrafts - -
5.4 Other - -
5.5
Cash and cash equivalents at end of quarter (should equal item 4.6
above)
16,726 21,501
6 Payments to related parties of the entity and their associates
Current
quarter
$A'000
6.1
Aggregate amount of payments to related parties and their
associates included in item 1
204
6.2
Aggregate amount of payments to related parties and their
associates included in item 2
0
Note: if any amounts are shown in items 6.1 or 6.2, your quarterly
activity report must include a description of, and an explanation for,
such payments.
Payments relate to salaries & fees paid to Directors of the Company
during the quarter.
Current
quarter
$A’000
Previous
quarter
$A’000
Appendix 4C
Quarterly cash flow report for entities subject to Listing Rule 4.7B
ASX Listing Rules Appendix 4C (17/07/20) Page 3
+ See chapter 19 of the ASX Listing Rules for defined terms.
7 Financing facilities
Note: the term “facility’ includes all forms of financing arrangements
available to the entity.
Add notes as necessary for an understanding of the sources of finance
available to the entity.
7.1 Loan facilities 4,320 -
7.2 Credit standby arrangements - -
7.3 Other (please specify) - -
7.4 Total financing facilities 4,320 -
7.5 Unused financing facilities available at quarter end -
7.6
8 Estimated cash available for future operating activities $A’000
8.1 Net cash from / (used in) operating activities (item 1.9) (4,984)
8.2 Cash and cash equivalents at quarter end (item 4.6) 16,726
8.3 Unused finance facilities available at quarter end (item 7.5) -
8.4 Total available funding (item 8.2 + item 8.3) 16,726
8.5 Estimated quarters of funding available (item 8.4 divided by item 8.1) 3.36
Note: ifthe entity has reported positive net operating cash flows in item 1.9,
answer item 8.5 as “N/A”. Otherwise, a figure for the estimated quarters of
funding available must be included in item 8.5.
8.6
If item 8.5 is less than 2 quarters, please provide answers to
the following questions:
8.6.1 Does the entity expect that it will continue to have the
current level ofnet operating cash flows for the time being and,
ifnot, why not?
Answer:
8.6.2 Has the entity taken any steps, or does it propose to take
any steps, to raise further cash to fund its operations and, ifso,
what are those steps and how likely does it believe that they
will be successful?
Answer:
8.6.3 Does the entity expect to be able to continue its
operations and to meet its business objectives and, ifso, on
what basis?
Answer:
Note: where item 8.5 is less than 2 quarters, all ofquestions 8.6.1,
8.6.2 and 8.6.3 above must be answered.
Include in the box below a description of each facility above, including the lender, interest
rate, maturity date and whether it is secured or unsecured. If any additional financing
facilities have been entered into or are proposed to be entered into after quarter end,
include a note providing details of those facilities as well.
In the previous quarter, the Company borrowed $4.32m in non-dilutive funding from Endpoints
Capital under a funding facility secured against the Company’s FY26 Research and
Development Tax Incentive ("RDTI"). The interest rate is 15.1% per annum and repayment is
the earlier of either: the date that the FY26 R&D Refund is received or the applicable maturity
date, this being 31 December 2026.
Total facility
amount at
quarter end
$A’000
Amount drawn
at quarter end
$A’000
Appendix 4C
Quarterly cash flow report for entities subject to Listing Rule 4.7B
ASX Listing Rules Appendix 4C (17/07/20) Page 4
+ See chapter 19 of the ASX Listing Rules for defined terms.
Compliance statement
1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters disclosed.
Date: 30 July 2026
Authorised by: By the Board
(Name of body or officer authorising release – see note 4)
Notes
1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for
the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional
information over and above the minimum required under the Listing Rules is encouraged to do so.
2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of,
AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other
accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standard applies to this report.
3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the
accounting policy of the entity.
4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been
authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg
Audit and Risk Committee]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the
Disclosure Committee”.
5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with
recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should
have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained,
that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their
opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.
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